World’s Busiest Airports by Cargo Traffic 2023

In 2023, the worldwide air cargo industry remained robust despite continued difficulties.

Hong Kong International Airport held onto its position as the premier freight hub globally.

Airports Council International (ACI) data shows that overall cargo volumes experienced a slight decline from the previous year. However, major hubs demonstrated varying degrees of recovery and adaptation to shifting global trade patterns.

Global Air Cargo Performance in 2023

Global air freight operations faced economic challenges and geopolitical uncertainty and disrupting supply chains. The industry began to stabilize and signaling a return to predictability after pandemic disruptions.

Key Global Statistics:

• Total Global Volume: Industry data indicates a 3.1% annual contraction in air cargo volumes for 2023, settling at approximately 113 million metric tonnes and marking a 4.6% reduction from 2019 figures.
• Market Concentration: The top 10 cargo airports accounted for approximately 26% (29.6 million metric tonnes) of global volumes in 2023
• Performance Trend: The top 10 air cargo hubs experienced a collective 3.5% decline in cargo volumes in 2023 compared to 2022
• Regional Variance: Amid growth in Africa, Asia Pacific, the Caribbean, Latin America, and the Middle East, Europe’s air cargo volumes slipped by 3.7% in 2023. Meanwhile, North America struggled with a more pronounced 7.4% reduction than other regions.

Quarterly Progression

The air cargo industry’s performance in 2023 followed a distinct pattern throughout the year:

• Q1 2023: The year began with air cargo traffic at its lowest point since the first quarter of 2020
• Q2 2023: Continued challenges with demand as retailers worked through overstocked inventory
• Q3 2023: Stabilization began to emerge after several quarters of decline
• Q4 2023: A late resurgence in volumes, driven particularly by e-commerce orders for fast fashion and electronics from China

The Top 10 Busiest Cargo Airports in 2023

Hong Kong International Airport maintained its premier position in the global air cargo ecosystem, leading a group of strategically positioned hubs that serve as crucial nodes in global supply chains.

Ranking by Cargo Volume (in Tonnes)

1. Hong Kong International Airport (HKG): 4,331,976 tonnes
   • Maintained top position as the world’s busiest cargo hub
   • Volume increased 3.2% from 4.2 million metric tonnes in 2022
   • Still down 10% from pre-pandemic volumes
   • Consistent leader for 13 years (except for briefly dropping to second in 2020)
   • Driven by strong e-commerce flows and resilient Asia-Pacific trade
2. Memphis International Airport (MEM): 3,881,211 tonnes
   • The primary hub for FedEx Express operations
   • Second busiest cargo airport globally
   • Located strategically in the United States for domestic distribution
3. Shanghai Pudong International Airport (PVG): 3,440,084 tonnes
   • China’s busiest cargo airport
   • Key gateway for Chinese exports and imports
   • A central hub for both international and domestic cargo flows
4. Ted Stevens Anchorage International Airport (ANC): 3,380,374 tonnes
   • Strategic technical stop for transpacific cargo flights
   • Significant fuel and crew rest location
   • Fourth busiest cargo airport globally despite serving a relatively small population
5. Incheon International Airport (ICN): 2,744,136 tonnes
   • South Korea’s primary international gateway
   • Major electronics and high-tech goods exporter
   • Made a significant jump in overall airport rankings in 2023
6. Louisville International Airport (SDF): 2,727,820 tonnes
   • A primary global hub for UPS Airlines
   • Key distribution point for express shipments
   • Sixth busiest cargo airport globally
7. Miami International Airport (MIA): 2,525,591 tonnes
   • Leading gateway for Latin American and Caribbean freight
   • Major perishables import center
   • Seventh busiest cargo airport worldwide
8. Hamad International Airport (DOH): 2,355,503 tonnes
   • Qatar’s international gateway
   • Rejoined the top 10 in 2023, jumping to number
   • Demonstrated strong growth of 6.3% over 2019 levels
9. Los Angeles International Airport (LAX): 2,130,835 tonnes
   • A major gateway for transpacific trade
   • The primary entry point for Asian imports to Western U.S.
   • Ninth busiest cargo airport globally
10. Taiwan Taoyuan International Airport (TPE): 2,112,988 tonnes
    • Taiwan’s main international gateway
    • The key hub for semiconductor and electronics exports
    • Rounded out the top 10 busiest cargo airports worldwide

Factors Influencing Cargo Traffic in 2023

The industry faced challenges and possibilities impacted by numerous financial, geopolitical and functional factors.

Economic Factors

• Global Economic Slowdown: A weakened global economy and sluggish trade environment deterred growth in air cargo volumes.
• Market Demand Fluctuations: Plummeting market demand and rates decreased revenues for air cargo operators.
• Inventory Adjustments: Retailers worked to clear excess pandemic inventory, resulting in fewer new orders.
• Pricing Pressures: Declining yields forced cargo carriers to adjust operations and pricing strategies.

Operational Challenges

• Carrier Adaptations: Many all-cargo carriers scaled back operations, postponed aircraft investments and tightened budgets in response to market conditions.
• Capacity Adjustments: The reintroduction of more passenger flights saturated the market with increased belly capacity.
• Route Disruptions: The Ukraine crisis has led to airspace restrictions, causing flight delays between Europe and Asia-North America.
• Modal Shift: Continued structural substitution in the delivery of goods across modes of transport, with some cargo moving from air to ocean freight.

Industry Bright Spots

• E-Commerce Growth: A late surge in e-commerce orders, particularly for fast fashion and electronics produced in China, bolstered volumes in late 2023
• Supply Chain Adaptation: Businesses increasingly turned to air cargo to navigate disrupted supply chains
• Regional Strengths: The Middle East demonstrated powerful air cargo performance with a 16% increase in cargo tonnage versus Q2 2023.

Regional Performance Analysis

Air cargo performance differed enormously by province.

It echoingreflects regional financial requirements commerce associations, and recuperation ways.

Asia-Pacific

• Mixed Recovery: While major hubs like Hong Kong grew, China’s economic challenges impacted regional volumes.
• Hong Kong Dominance: Hong Kong International Airport maintained its 1st position despite ongoing regional challenges.
• China Dynamics: Shanghai Pudong International Airport remained in the top three global cargo hubs.
• Regional Decline: The total cargo tonnage across the Asia-Pacific decreased by 14% versus Q3 2022 and 16% versus Q2 2023.
• Load Factor Improvements: Asia-Pacific cargo load factors increased above the global average, improving from 44% in Q2 2023 to 46% in Q3 2023.

North America

• Significant Presence: Four of the top 10 global cargo airports were located in the United States (Memphis, Anchorage, Louisville, and Miami).
• Overall Decline: North American cargo traffic showed a decline of 7.4% year-over-year.
• Express Hubs Performance: Memphis and Louisville remained major global express delivery hubs despite volume challenges.
• Anchorage’s role as a technical stop for transpacific flights boosted its ranking despite market challenges.

Middle East

• Strong Performance: The Middle East saw strong growth, with Hamad International Airport back in the top 10 global cargo airports.
• Regional Leader: The Middle East outperformed all other sub-regions with a 16% increase in cargo tonnage versus Q2 2023
• Load Factor Challenges: Middle East cargo load factors remained below dropping from 43% in Q2 2023 to 41% in Q3 2023.

Europe

The Ukraine conflict, in particular, led to restricted airspace over key regions, resulting in widespread rerouting and increased transit times for Europe and Asia cargo corridors.

European air cargo traffic fell 3.7%, highlighting ongoing pressure on logistics.

Additionally, European airports contended with mounting competition from maritime shipping providers, who gained a share in cargo types where cost or capacity favored sea over air.

This report deeply explores these developments, analyzing key performance indicators, route adaptations and shifting modal preferences.

Concentration and Market Share

The air cargo industry continued to show significant concentration among major hubs in 2023, with leading airports capturing an outsized share of global volumes.

Top Airport Concentration

• Top 10 Concentration: The 10 busiest cargo airports handled approximately 26% (29.6 million metric tonnes) of global volumes in 2023.
• Top 20 Concentration: The sector handled nearly 47.9 million tonnes in 2023, constituting about 42% of international air cargo volumes.
• Year-Over-Year Change: The top 20 airports saw a 3.2% decline in cargo volumes compared to 2022.
• Versus Pre-Pandemic: Despite the year-over-year decline, the top 20 maintained a 1.6% gain compared to 2019 volumes (47.1 million tonnes).

Airport Size and Performance

• Smaller Airport Growth: During the first half of 2024, airports handling fewer than 1 million passengers annually witnessed remarkable growth in air cargo volumes, reaching 137.3% of their 2019 levels.
• Larger Airport Challenges: In contrast, larger airports within the 15–25 million passengers per annum category experienced a nearly 20% decline in total global air cargo volumes compared with the same period in 2019.

Outlook and Future Trends

Based on late 2023 performance and early indicators from 2024, several trends are emerging that will likely shape the air cargo landscape in the coming years.

Projected Recovery

• 2024 Growth Expectations: Early data from 2024 indicates air cargo volumes increased by 8.4% year-on-year (up 3.9% versus pre-Covid 2019), reaching over 124 million tonnes.
• Growth Drivers: The increase in 2024 cargo volumes is attributed primarily to substantial e-commerce traffic, maritime shipping disruptions, and declines in jet fuel prices.
• Concentration Trend: Air cargo traffic is becoming even more concentrated among the world’s major airfreight gateways.

Emerging Factors

• Maritime Disruptions: The rerouting of container vessels around Africa to evade missile and drone threats might offer significant opportunities for airlines and freighter operators.
• E-Commerce Impact: It is hoped to drive air cargo volumes particularly for express delivery webs.
• Fuel Price Dynamics: Downfalls in jet fuel costs could enhance functional economics for cargo transport.
• Regional Development: The Middle East persists in strengthening its place in international air cargo webs with strong maturation potential.

Conclusion

Last year’s air cargo landscape showcased a key transition, balancing post-COVID recovery with new trade challenges.

Despite regional constraints, Hong Kong International Airport highlighted the Asia-Pacific’s vital role in global supply chains.

U.S. express logistics centers remained important, while Middle Eastern U.S.orts demonstrated flexibility, emerging as significant growth drivers.

The slight decline in global volumes (-3.1%) represents a recalibration following the exceptional conditions of the pandemic years rather than a structural weakness in the sector.

As the industry enters 2024 with positive momentum, driven by e-commerce growth, maritime shipping disruptions and fuel price dynamics, the resilience demonstrated in 2023 provides a foundation for continued adaptation and development.

The busiest cargo airports are vital to global trade, connecting producers and consumers worldwide and facilitating the swift movement of valuable goods.

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